Implementing New Processes and Technology for an Aerospace Manufacturer
Through the historical cleanup efforts and implementation of OneStream, Riveron remediated the challenges of the previous audit and streamlined the audit process moving forward, providing easy access to consistent data across business units.
Challenge
The Novaria Group, a Texas-based aerospace component manufacturer, grew aggressively through its acquisitions of multiple businesses. With a lean corporate structure, the company was challenged by disparate ERP systems across business units and inconsistent processes throughout its accounting and finance functions. Since it relied on manual solutions for its monthly close and reporting processes, Novaria struggled through its first consolidated audit.
How we helped
Riveron was engaged to assist with the cleanup of historical accounting records and to recommend tools and processes that could be used consistently across the company’s business units. We focused on remediation of historical issues in key accounting areas, such as inventory, cost of goods sold, intercompany transactions, and new accounting standards, and established consistent processes and templates across the various business units for balance sheet reconciliations and fixed assets.
To address Novaria’s need for a more automated close and reporting solution, Riveron introduced and implemented OneStream, a leading corporate performance management (CPM) software application. The implementation addressed the disparate systems by consolidating trial balances across all business units to create a single source of truth, handling all intercompany eliminations, and providing real time visibility into the close process throughout the company. Additionally, Riveron implemented zero-based budgeting, rolling forecasting, and account reconciliation functionality within the OneStream platform.
Results
Through the historical cleanup efforts and implementation of OneStream, Riveron remediated the challenges of the previous audit and streamlined the audit process moving forward, providing easy access to consistent data across business units. With a strong corporate structure, processes, and systems in place, Novaria was able to continue with its aggressive M&A strategy and enlisted Riveron’s transaction services team to support its efforts in buy-side and sell-side due diligence. When Novaria was subsequently acquired by a global private equity firm, Riveron served as the sell-side assurance provider.